long leg

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Long leg

The part of an option spread in which an agreement to buy the underlying security is made.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Long Leg

In an option spread, the portion that is a long position. For example, if a spread consists of a long position on one option and a short position on a similar option, the long position is called the long leg. It should not be confused with a leg in a swap.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

long leg

The side of an option spread (that is, one option bought long and one option sold short) that an investor is long. With a spread that involves owning a June 20 put and being short a March 20 put, the June 20 put represents the long leg. Compare short leg.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
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Jumping down, he watched it until the long legs stopped wiggling, when he knew it was quite dead.
Yashvin got up too, stretching his long legs and his long back.
"Why, Tom, you don't wear such gentlemanly trousers-- you haven't got half such fine long legs," said Jonah to his nephew, winking at the same time, to imply that there was something more in these statements than their undeniableness.
He had very long legs, a yellow face, and a slight lisp, which at first was rather ridiculous.
There were sparrow hawks, with white breasts, and kestrels, and down the slopes scampered, with their long legs, several fine fat bustards.
The supermarket is selling a handy contraption, which picks up spiders, bugs and daddy long legs without harming them.
[1] Cut the two 2-by-4 long legs (A) and the two 2-by-6 short legs (B) to length according to the Cut List on Page 52.
LAP dancing club Long Legs has had its licence renewed for another year, despite the Women's Equality Party calling for a complete ban on sexual entertainment venues in Manchester.
Living in a world that still standardizes beauty as having a slim waist, long legs and a big butt, my being a plus-size girl makes life a living hell.
These creatures are as big as an adult human hand and draw immediate attention with their extraordinarily long legs and small body.
Now I think, here I still am with long legs and big lips; that didn't turn out so badly" - Radio DJ Sara Cox.